Portola Pharmaceuticals Reports First Quarter 2017 Financial Results and Provides Corporate Update
08 Mai 2017 - 10:36PM
Portola Pharmaceuticals, Inc. (NASDAQ:PTLA) today reported
financial results and provided a corporate update for the quarter
ended March 31, 2017.
“During the first quarter of 2017 we continued to focus on
regulatory activities for betrixaban and AndexXa™. Our goal is to
gain approval for both products this year in the United States and
in 2018 in the European Union,” said Bill Lis, chief executive
officer of Portola. “Both are highly anticipated by the medical
community because they are potentially life-saving medicines in
indications where currently there are no approved therapies.”
First Quarter 2017 Financial
ResultsCollaboration and license revenue earned under
Portola's collaboration and license agreements with Bristol-Myers
Squibb Company and Pfizer, Bayer Pharma and Janssen Pharmaceuticals
and Daiichi Sankyo was $5.1 million for the first quarter of 2017
compared with $8.3 million for the first quarter of 2016.
Total operating expenses for the first quarter of 2017 were
$45.7 million, compared with $73.6 million for the same period in
2016. Total operating expenses for the first quarter of 2017
included $9.0 million in stock-based compensation expense, compared
with $7.1 million for the same period in 2016.
Research and development expenses were $30.6 million for the
first quarter of 2017, compared with $58.8 million for the first
quarter of 2016. The decrease in R&D expenses was largely
attributable to the termination of manufacturing activities on the
6x2000 liter, or Line C, manufacturing process in the third quarter
of 2016, and decreased program costs related to betrixaban and
cerdulatinib.
Selling, general and administrative expenses for the first
quarter of 2017 were $15.0 million, compared with $14.8 million for
the same period in 2016. For the first quarter of 2017, Portola
reported a net loss of $41.7 million, or $0.74 net loss per share,
compared with a net loss of $65.0 million, or $1.15 net loss per
share, for the same period in 2016. Shares used to compute net loss
per share attributable to common stockholders were 56.7 million for
the first quarter of 2017, compared with 56.4 million for the same
period in 2016.
Cash, cash equivalents and investments at March 31, 2017 totaled
$318.2 million, compared with cash, cash equivalents and
investments of $318.8 million as of December 31, 2016.
Conference Call Details The live conference
call today, Monday, May 8, 2017, at 4:30 p.m. Eastern
Time, can be accessed by phone by calling (844) 452-6828
from the United States and Canada or 1
(765)-507-2588 internationally and using the passcode 8594347. The
webcast can be accessed live on the Investor Relations section of
the Company's website at http://investors.portola.com. It will
be archived for 30 days following the call.
About Portola Pharmaceuticals, Inc.
Portola Pharmaceuticals is a biopharmaceutical
company developing products that could significantly advance the
fields of thrombosis and other hematologic diseases. The Company is
advancing three investigational programs, including: betrixaban, an
oral, once-daily Factor Xa inhibitor; AndexXa™ (andexanet alfa), a
recombinant protein designed to reverse the anticoagulant effect in
patients treated with an oral or injectable Factor Xa inhibitor;
and, cerdulatinib, a Syk/JAK inhibitor in development to treat
hematologic cancers. Portola also is co-developing Syk-selective
inhibitors for inflammatory conditions. For more information, visit
www.portola.com and follow the Company on Twitter
@Portola_Pharma.
Forward-looking Statements
Statements contained in this press release regarding matters
that are not historical facts are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. Such
statements include, but are not limited to, anticipated product
approvals, the timing of our regulatory events, the potential of
our product candidates to advance the field of thrombosis and
benefit patients and statements regarding the timing and ability to
achieve other milestones and events. Risks that contribute to the
uncertain nature of the forward-looking statements include: failure
to obtain FDA and/or EMA approval for one or more of our product
candidates, regulatory developments in the United States and
foreign countries; our expectation that we will incur losses for
the foreseeable future and will need additional funds to finance
our operations; the accuracy of our estimates regarding our ability
to initiate and/or complete our clinical trials and the timing and
expense of these trials; the results of our clinical trials related
to the efficacy and safety of our product candidates; our potential
inability to manufacture our product candidates on a commercial
scale in a timely or cost-efficient manner; the accuracy of our
estimates regarding expenses and capital requirements; our ability
to successfully build a hospital-based sales force and commercial
infrastructure; our ability to obtain and maintain intellectual
property protection for our product candidates; and our ability to
retain key scientific or management personnel. These and other
risks and uncertainties are described more fully in our most recent
filings with the Securities and Exchange Commission, including our
most recent quarterly report on Form 10-Q. All forward-looking
statements contained in this press release speak only as of the
date on which they were made. We undertake no obligation to update
such statements to reflect events that occur or circumstances that
exist after the date on which they were made.
Investors:
Ana Kapor Portola
Pharmaceuticals ir@portola.com
650.246.7431
Media: Julie Normart Pure
Communications jnormart@purecommunications.com 415.946.1087
Unaudited Condensed Consolidated Statements of
Operations |
(In thousands, except share and per share data) |
|
Three Months Ended March 31, |
|
2017 |
|
|
2016 |
Collaboration and
license revenue |
$ |
5,128 |
|
|
$ |
8,258 |
Operating
expenses: |
|
|
|
|
|
|
Research
and development |
|
30,645 |
|
|
|
58,813 |
Selling, general
and administrative |
|
15,021 |
|
|
|
14,751 |
Total
operating expenses |
|
45,666 |
|
|
|
73,564 |
Loss from
operations |
|
(40,538) |
|
|
|
(65,306) |
Interest and other
income,net |
|
413 |
|
|
|
332 |
Interest expense |
|
(1,639) |
|
|
|
— |
Net loss |
|
(41,764) |
|
|
|
(64,974) |
Net loss attributable
to Noncontrolling interest (SRX Cardio) |
|
45 |
|
|
|
— |
Net loss attributable
to Portola |
$ |
(41,719) |
|
|
$ |
(64,974) |
Shares used to compute
net loss per share attributable to Portola common
stockholders: |
|
|
|
|
|
|
Basic and
diluted |
|
56,692,788 |
|
|
|
56,397,881 |
Net loss per share
attributable to Portola common stockholders: |
|
|
|
|
|
|
Basic and
diluted |
$ |
(0.74) |
|
|
$ |
(1.15) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Condensed Consolidated Balance Sheet
Data |
(In thousands) |
|
|
|
2017 |
|
2016 |
|
(Unaudited) |
|
|
|
Cash, cash equivalents
and investments |
|
$ |
318,197 |
|
|
$ |
318,771 |
Prepaid research and
development |
|
5,898 |
|
|
7,299 |
Total current
assets |
|
327,581 |
|
|
328,928 |
Property and equipment,
net |
|
5,795 |
|
|
6,143 |
Intangible asset |
|
3,151 |
|
|
3,151 |
Prepaid and other
long-term assets |
|
4,168 |
|
|
5,214 |
Total assets |
|
340,695 |
|
|
343,436 |
Accounts
payable |
|
9,487 |
|
|
14,546 |
Accrued research and
development |
|
11,169 |
|
|
23,818 |
Accrued compensation
and other liabilities |
|
3,399 |
|
|
4,806 |
Deferred revenue
(current portion and long-term) |
|
40,635 |
|
|
45,763 |
Total current
liabilities |
|
48,136 |
|
|
65,664 |
Notes payable,
long-term |
|
50,485 |
|
|
49,815 |
Long term debt |
|
47,803 |
|
|
— |
Long term obligation to
Collaborator |
|
8,000 |
|
|
8,000 |
Total
liabilities |
|
176,968 |
|
|
150,747 |
Total stockholders’
equity |
|
161,615 |
|
|
190,532 |
Noncontrolling interest
(SRX Cardio) |
|
2,112 |
|
|
2,157 |
Total stockholders'
equity |
|
163,727 |
|
|
192,689 |
Total liabilities and
stockholders’ equity |
|
340,695 |
|
|
343,436 |
|
|
|
|
|
|
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